WVC 18 B- 13 - 4
§18B-13-4. High-Tech research zones, parks and technology centers;
tax incentives.
(a) For the purposes of this subsection, a "qualified state
institution of higher education" is a state institution of higher
education meeting the qualifications to be established by the West
Virginia Development Office. The West Virginia Development Office
shall work with the county commissions, municipalities and local
development authorities where qualified state institutions of
higher education are located and shall develop a plan and grant
program for the establishment and operation of qualifying High-Tech
research zones, parks and technology centers on or near the
campuses of qualified state institutions of higher education to
attract business and industry engaged in science and technology
related research and development. The plan and grant program shall
include qualifications that are to be met in order to receive
approval by the West Virginia Development Office as a research
zone, park or technology center or as a qualified business. Those
qualifications shall require a minimum partnership commitment from
one or more qualified businesses in the private sector in the
construction, operation or location of the research zone, park or
technology center. The West Virginia Development Office shall
designate the particular geographic area comprising the research
zone, park or technology center.

The West Virginia Economic Development Authority is authorized
to enter into agreements with state institutions of higher education, private developers or other interested businesses or
persons to acquire, finance, construct, operate, own, lease or
otherwise manage any research zone, park or technology center and
to collect rentals or other forms of payment for the operation of
research zones, parks or technology centers. The West Virginia
Economic Development Authority is authorized either singly or in
conjunction with any county commission, municipality or local
development authority, to issue special bonds for the purpose of
this section, including, but not limited to, special project
revenue bonds and special user bonds limited to the actual cost of
construction and start-up of any qualifying and approved research
zones, parks or technology centers, and improvements necessary
thereto, pursuant to article twelve-b, chapter eighteen of this
code.

(b) For taxable years beginning on and after the first day of
January, two thousand five, any qualified business approved by the
West Virginia Development Office on or after the first day of
January, two thousand four, and located in a geographic area
designated as a High-Tech research zone, park or technology center,
shall be considered to be:

(1) A business eligible for economic opportunity tax credit
entitlement pursuant to section nineteen, article thirteen-q,
chapter eleven of the code, and entitled to the twenty percent new
jobs percentage under section nine of that article, if it creates
at least three new jobs in a research zone, park or technology center;

(2) An eligible taxpayer for purposes of the strategic
research and development credit provided under article thirteen-r,
chapter eleven of the code;

(3) An industrial taxpayer for purposes of the manufacturing
investment tax credit provided under article thirteen-s, chapter
eleven of the code if it is primarily engaged in manufacturing
related to research and development; and

(4) Entitled to priority for approval of refundable credit for
the small qualified research and development company credit under
section six, article thirteen-r, chapter eleven of the code ahead
of eligible taxpayers that are not qualified businesses under
section one of this article: Provided, That the qualified business
otherwise meets the requirements for those credits.

(c) Notwithstanding any other provision herein to the
contrary, the amount of total credits and deferrals allowable under
this section, shall not exceed two and one-half million dollars in
any one fiscal year for all eligible businesses: Provided, That,
except for the credit allowed under subdivision (4), subsection (b)
of this section, the credits allowed by this section are
nonrefundable so that a taxpayer shall not claim a total credit
amount that reduces the taxpayer's tax liability to less than zero.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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